Brussels Edition: Reeling in a deal

Brussels Edition
Bloomberg

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

This week could be crunch time for negotiations on the EU's future relationship with the U.K. In a sign that a compromise could be struck by the mid-November deadline, officials are close to breaking the deadlock on the access EU boats will have to U.K. fishing waters. The sides have two weeks to finalize an agreement and may pause this week to allow EU chief negotiator Michel Barnier to brief member states and Commission President Ursula von der Leyen and Prime Minister Boris Johnson to give one final push. Although important differences remain — particularly over state aid and the level playing field for business — a deal on fish would remove one of the biggest obstacles. 

— Ian Wishart and Nikos Chrysoloras

What's Happening

Virus Update | Austria, Portugal, Greece, and England followed France and Germany in imposing partial or full lockdowns to stem the uncontrolled spread of the virus. Here in Belgium, new draconian restrictions are in effect. Here's the latest from a continent in cabin fever.

Merkel's Successor | Angela Merkel's Christian Democratic Union plans to meet in January to select the leader to take it into next year's elections. The move to set a new date should reassure Friedrich Merz, a longtime Merkel rival who is one of the favorites and opposed delaying the party's congress that was scheduled for December. 

U.S. Votes | With just a day left before the U.S. election, Donald Trump finds himself significantly trailing his Democratic challenger and looking to defy public opinion polls — as he did four years ago — to salvage a victory. With so much at stake for Europe, here's everything you need to know about the vote. 

More Stimulus | The European Central Bank's exceptionally clear message that it will come up with a new package of monetary stimulus at its next policy meeting has given markets plenty to think about. This is what investors expect next month's package of support measures to include.

In Case You Missed It

Lagarde's Anniversary | It's been a year since Christine Lagarde took over the helm of the ECB and one thing that is different is the frequent public interventions, which contrast sharply with media-shy Mario Draghi. The ECB's multi-channel, all-hours approach to broadcasting its views has been remarkable, Alexander Weber reports.

Macron's Game | Even before the grim murder of a Paris teacher this month, Emmanuel Macron was turning the screw on Islamic extremists as he looks to build a case for a second term as president in 2022. By seizing the initiative on security, he's shielded himself against the usual attacks from Marine Le Pen, the nationalist who's shaping up as his biggest rival.

Polish Protests | Protests over a court ruling that effectively banned abortion in Poland are morphing into wider anger against the government as the coronavirus pandemic escalates. Read our explainer on how the country's populist rulers sparked a culture war

Hydrogen Wars | Governments, energy giants, automobile companies and lobbying groups say hydrogen use is pivotal for cutting greenhouse gas emissions quickly enough to prevent the worst effects of climate change. That's triggered a global race — mostly between the EU and China — to stake claims in what could be a $700 billion business by 2050.

Chart of the Day

Since its creation over two decades ago, the euro has never posed a realistic threat to the dollar's prime position in the global financial system. But now the single currency is gaining the confidence of investors, and global reserves held in euros jumped 4% in the latest quarterly data. So, do we have a challenger to the greenback? 

Today's Agenda

Nothing scheduled.

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